291 Serangoon Street is situated on the corner plot and recommendations a 35-metre big twin frontage onto Serangoon Freeway and Burmah Street.
Put Up Here: Uptown At Farrer floor plan
The residence occupies a land space of 5,455 sf and spans an considered place of 19,913 sf. Primarily based typically on the Discover Prepare 2014, the world-wide-web web site is zoned “Commercial” by making use of a Gross Plot Ratio of 3.0.
291 Serangoon Street houses a foodstuff and beverage (F&B) tenant on the ground floor, a night club on the second and third floor, as well as offices on the upper floors. Subject to approval from relevant authorities, potential uses include retail, showroom, fitness centre, medical suites, entertainment and serviced apartments, amongst others. The incoming owner has potential naming and signage rights for the residence.
The developing provides a highly accessible location that is 200 metres from Farrer Park MRT Station and a short 10-minute drive to the Central Organization District (CBD). Major expressways are positioned in close proximity, including Pan Island Expressway (PIE), Central Expressway (CTE) and East Coast Parkway (ECP).
With its excellent city fringe area and strong transport infrastructure, the Farrer Park space has evolved into a bustling professional and medical hub, well-served by a myriad of trendy F&B and lifestyle offerings.
The area is undergoing further rejuvenation with the development of several new developments including Centrium Square, a 19-storey expert development comprising of retail, medical suites and office space; Uptown @ Farrer, a mixed-use development by Low Kheng Huat, which will consist of retail, residential; and a 240-unit serviced home operated by lyf Farrer Park Singapore.
Mr Clemence Lee, Senior Director, JLL, says: “The property was first launched on the industry in September 2018 that includes a guide price of $52 million. Upon the shut of the EOI, we received a few offers which fell short of the owner’s expectation. The property was subsequently withdrawn from the marketplace.
With the improving office marketplace in Singapore, we are seeing more investors shift their focus back to the commercial sector. We feel that it is timely to put the residence into the industry again to offer buyers another chance to reconsider this exceptional opportunity. With the pricing lowered to between $46 to $49 million, we expect strong interest from both investors and owner occupiers who are looking to acquire a centrally-located freehold industrial setting up in a bustling region undergoing rejuvenation and gentrification.”
The latest transaction in the vicinity is Wanderlust Hotel, which transacted at $37 million or all around $2,466 psf on GFA in April 2018. Situated opposite 291 Serangoon Street, the entire two-storey industrial podium at Centrium Square transacted at $135 million or all-around $4,967 psf on strata site in July 2016.